CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) yesterday announced that they would reduce gasoline and diesel prices by NT$0.1 per liter, effective today.
Both firms last week raised gasoline prices by NT$0.2 per liter, but lowered diesel prices by NT$0.1 per liter.
After this week’s adjustment, gasoline prices at CPC stations would be NT$28.1, NT$29.6 and NT$31.6 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while the price of premium diesel would fall to NT$25.4 per liter, the company said.
Prices at Formosa stations would fall to NT$28.1, NT$29.5 and NT$31.6 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel would drop to NT$25.2 per liter.
State-run CPC said in a statement that based on its floating oil price formula, the cost of crude oil last week decreased 0.65 percent from a week earlier.
The company attributed the decline to weak market sentiment amid signs of slowing demand for crude oil, after Saudi Arabia cut the prices of next month’s deliveries to customers in Asia.
Formosa said in a separate statement that the oil market was under pressure due to a slower recovery than expected in oil production in the Gulf of Mexico after Hurricane Ida hit the region the previous week.
The firm said that China’s plan to sell some of its strategic petroleum reserve had further soured the market.
The trend was also supported by Saudi Arabia’s decision to slash prices for Asian shipments next month, it added.
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